Pico to Acquire Corvil
July 10, 2019
Share this

Pico signed a definitive agreement to acquire Corvil, a provider of real-time analytics and machine intelligence products for financial markets infrastructure performance and operations.

“With Pico as a premiere technology service provider to the capital markets, our clients have benefited from access to a wide range of top trading technologies within the Pico environment,” said Jarrod Yuster, Founder and CEO of Pico. “Corvil’s reputation is second to none for innovation, quality, and data analytics in the financial markets, and we have come to rely on their data to support mission-critical systems. Our motivation for acquiring Corvil is based on a commitment to our clients to deliver the industry’s best-in-class analytics and real-time insights. With Corvil, we can deliver full transparency into our clients’ trading and IT operations while addressing the challenges that come with rapid expansion into new global markets. I am thrilled to welcome the Corvil team to Pico.”

The acquisition brings together a complementary fit of talent and technical capabilities around the globe. Servicing a combined client base of over 400 leading banks, exchanges, asset managers, financial technology vendors and trading firms operating across five continents, the company will have a workforce of over 375 staff with deep expertise in low-latency technologies, automation, machine learning and data science, along with extensive domain knowledge for operating and delivering high-performance financial infrastructure on a global footprint.

“We see a new era of financial technology for the capital markets emerging. This will be defined by an on-demand and machine intelligent technology paradigm delivered as a service for infrastructure, platform, cloud, data and analytics,” said Donal Byrne, CEO of Corvil. “In the fast-paced global financial markets, you need to make your move on the markets before the markets move on you. With Pico, we are making a transformational move on the $50 billion financial technology services market.” In the combined company, Byrne will take up the position of Chief Technology Officer (CTO), reporting to Yuster, with global responsibility for product, marketing and data science.

The company will operate under the Pico brand while the Corvil name will continue to be used for its portfolio of products and services. Clients will be able to procure all currently available Corvil products as well as newly introduced Corvil-as-a-Service solutions available within Pico’s global network and infrastructure footprint. Corvil-as-a-Service is a unique service and product combination that will harness Pico’s in-house expertise to deploy, configure, and operate Corvil environments. This will greatly simplify clients’ on-boarding, reduce or eliminate up-front training and resourcing requirements, and provide cost efficiencies that may have previously been barriers to adoption.

Pico is a privately held company with a consortium of investors holding a minority ownership position, many of which are also clients, including Goldman Sachs, J.P. Morgan, UBS and Wells Fargo.

"As an investor in Pico since inception, we have been fortunate to witness their tremendous growth over the past 10 years to become a leading provider of global infrastructure services, connectivity, cloud technology and data services for capital markets. The acquisition of Corvil accelerates Pico's strategy to integrate advanced analytics-as-a-service into their global platform and positions the combined company for continued long-term growth,” said Ashwin Gupta, MD, Principal Strategic Investments, Goldman Sachs.

“We recognized the promise in Pico’s best-in-class infrastructure services early on, and have invested multiple times over the years,” said Jason Sippel, Global Head of Equities, J.P. Morgan. “The strategic rationale for a combination with Corvil’s undisputed leadership in analytics services is persuasive, and we expect it will provide the combined entity with a profound advantage in serving its customers. We look forward to continuing to work closely with Pico, both as an investor and strategic partner.”

“As capital markets businesses continue to search for new ways to leverage financial technology in a more cost-effective and rapid response manner, Pico is addressing these needs with solutions that resonate with a range of market participants,” said Todd Lopez, Head of Americas Cash Equities, UBS, both an investor in Pico and a client.

C. Thomas Richardson, Head of Market Structure and Electronic Trading Services at Wells Fargo Corporate & Investment Banking commented: “As a long-time investor in and client of Pico, we are excited to support Pico’s bold vision with this transformational acquisition of Corvil that combines Pico’s top-notch trading infrastructure with Corvil’s high-end analytical tools. We believe that this combination will enhance Pico’s compelling value proposition which, in turn, will help us service our customers better.”

The acquisition is expected to close within 30 days, subject to customary closing conditions. Financial details are not being disclosed.

Share this

The Latest

December 11, 2019

As the New Year approaches, it is time for APMdigest's 10th annual list of Application Performance Management (APM) predictions. Industry experts offer thoughtful, insightful, and often controversial predictions on how APM and related technologies will evolve and impact business in 2020 ...

December 10, 2019

Enterprises with services operating in the cloud are overspending by millions due to inefficiencies with their apps and runtime environments, according to a poll conducted by Lead to Market, and commissioned by Opsani. 69 Percent of respondents report regularly overspending on their cloud budget by 25 percent or more, leading to a loss of millions on unnecessary cloud spend ...

December 09, 2019

For IT professionals responsible for upgrading users to Windows 10, it's crunch time. End of regular support for Windows 7 is nearly here (January 14, 2020) but as many as 59% say that only a portion of their users have been migrated to Windows 10 ...

December 05, 2019

Application performance monitoring (APM) has become one of the key strategies adopted by IT teams and application owners in today’s era of digital business services. Application downtime has always been considered adverse to business productivity. But in today’s digital economy, what is becoming equally dreadful is application slowdown. When an application is slow, the end user’s experience accessing the application is negatively affected leaving a dent on the business in terms of commercial loss and brand damage ...

December 04, 2019

Useful digital transformation means altering or designing new business processes, and implementing them via the people and technology changes needed to support these new business processes ...

December 03, 2019
The word "digital" is today thrown around in word and phrase like rice at a wedding and never do two utterances thereof have the same meaning. Common phrases like "digital skills" and "digital transformation" are explained in 101 different ways. The outcome of this is a predictable cycle of confusion, especially at business management level where often the answer to business issues is "more technology" ...
December 02, 2019

xMatters recently released the results of its Incident Management in the Age of Customer-Centricity research study to better understand the range of various incident management practices and how the increased focus on customer experience has caused roles across an organization to evolve. Findings highlight the ongoing challenges organizations face as they continue to introduce and rapidly evolve digital services ...

November 26, 2019

The new App Attention Index Report from AppDynamics finds that consumers are using an average 32 digital services every day — more than four times as many as they realize. What's more, their use of digital services has evolved from a conscious decision to carry around a device and use it for a specific task, to an unconscious and automated behavior — a digital reflex. So what does all this mean for the IT teams driving application performance on the backend? Bottom line: delivering seamless and world-class digital experiences is critical if businesses want to stay relevant and ensure long-term customer loyalty. Here are some key considerations for IT leaders and developers to consider ...

November 25, 2019

Through the adoption of agile technologies, financial firms can begin to use software to both operate more effectively and be faster to market with improvements for customer experiences. Making sure there is the necessary software in place to give customers frictionless everyday activities, like remote deposits, business overdraft services and wealth management, is key for a positive customer experience ...

November 21, 2019

For the past two years, Couchbase has been digging into enterprises' digital strategies. Can they deliver the experiences and services their end-users need? What pressure are they under to innovate and succeed? And what is driving investments in new technologies? ...